Business Directories

Al Habtoor ropes in Asteco for Dubai project

Dubai, February 12, 2014

The Al Habtoor Group, a leading UAE-based conglomerate, has appointed Asteco as the sole leasing agent for its new ‘Al Habtoor City’ three residential towers which is due to open in 2016.

A multi-use development, Al Habtoor City, will incorporate three five-star hotels (Westin, W Hotel and St. Regis), and three residential towers. The residential blocks will incorporate up to 1,500 luxury apartments – including 11 penthouses, two of which are VIP penthouses over a 4-storey high podium.

Two of the residential towers within Al Habtoor City will be 74 floors high, boasting spectacular views of Dubai; the third tower will scale 40 floors.

Each of the residential towers will include a single-storey 720 meter ‘Simplex’ penthouse, and two 2-storey ‘Duplex’ penthouses ranging from 795-820 sq m. The taller blocks will feature a 4-storey VIP penthouse with 3,000 sq m of living space, and 360 degree view of the city.

The entire project, which is on track for delivery within 30 months, is the largest project of its kind currently under construction.

The 10 million sq ft complex will include a French-style garden, a tennis academy, a European boulevard and a permanent water-themed Las Vegas-style production by Franco Dragone, a marina and multiple restaurants and bars.

"Dubai’s economy is booming right now and the city needs a project like ours to meet its growing demands for upscale residential living - especially ahead of the EXPO 2020. Al Habtoor City is our flagship project. It will be a great addition to Dubai," said Vice-chairman and CEO Mohammed Al Habtoor after signing the official agreement with John Stevens, the managing director of Asteco.

Al Habtoor said: "Asteco has a great reputation in the region, and we are confident it will meet our demands with the project."

On the 'City Residences' project, "The penthouses will be spectacular, and fitted to the highest of standards. They will be very unique."

Commenting on the appointment, Stevens said the Al Habtoor brand was synonymous with quality and Al Habtoor City would exemplify that perception.

"Undoubtedly, once complete, it will be one of the most sought after residential addresses in the UAE and is another prestigious development that will benefit from Asteco’s considerable experience in property management," he added.-TradeArabia News Service